PSEi dips below 6,200 on Mideast woes

Philippines stocks sank below the 6,200 level on Tuesday as investors stayed cautious amid renewed concerns over the United States-Iran situation.

The benchmark Philippine Stock Exchange Index (PSEi) fell 0.98 percent or 61.15 points to close at 6,190.23.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse ended lower amid broad-based selling pressure, as heightened uncertainty over the situation in the Middle East weighed on investor sentiment.

“Investors are expected to remain defensive ahead of the Bangko Sentral ng Pilipinas’ policy meeting and await signals on its next move,” Limlingan said.

Philstocks Financial Inc. said investors sold shares amid a lack of positive catalysts.

Investors largely stayed on the sidelines, with net value turnover reaching only P4.01 billion.

Foreign investors also continued to pull funds out of the market, recording net outflows of P542.12 million.

Selling pressure was broad-based as all sectoral indices finished in negative territory. Services suffered the steepest decline, shedding 1.65 percent.

Only five members of the PSEi managed to end the session higher.

Ayala Land Inc. bucked the downturn and emerged as the top index gainer, climbing 3.95 percent to P15.80.

RL Commercial REIT Inc., meanwhile, led the laggards after falling 4 percent to P7.20.

Analysts said the latest decline extended the market’s cautious trading as investors weighed geopolitical risks and waited for fresh catalysts that could provide direction.

Thin turnover also reflected subdued participation, with many investors opting to remain on the sidelines.

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